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Mark your calendar – SpikeTrade Members will have a working meeting and dinner in central London. Members visiting UK are welcome to participate.
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Member Lee M in Australia writes: “Due to my timing-zone differences with the US, I’m learning to trade foreign currencies instead of US stocks. Starting with my dollars AUD/USD. I wonder whether the techniques and indicators here in SpikeTrade are applicable to this type of trading? I bought all the Password classes and went through most of them.If possible, could other members chip in to help me learn more about this? And to do it in profitable ways?"
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Last week I emphasized that the S&P500 was approaching an important congestion zone, formed by several powerful components. The S&P500, already significantly overbought at +3ATR, was crossing the zone between 4200-4300 that had stopped the decline between October 2021 and May 2022 and that now works as strong resistance. Only a few ticks above this range lay the SMA 200, an indicator widely followed by traders and considered a watershed between bull and bear markets. In the midst of the resistance zone (at the 4260 level), lies the 78.6 percent of the Fibonacci retracement, calculated from the lows of the Covid selloff. Tuesday’s false breakout, which failed just 1 tick below the SMA 200, triggered the correction, which, for now, has the characteristics of a normal correction in an overbought situation.
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I keep seeing ATR channels in SpikeTrade.I keep trying to plot ATR in Tradingview or Webull, but cannot make them look like the charts in SpikeTrade.Please help me if you canWayne (in Hong Kong)
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On Friday, the daily S&P500 closed just ticks below its +3 ATR and at the upper edge of former support zone between October 2021 and April 2022, that is now acting as a resistance area. A pullback to value would not be unexpected.
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Some good news, we set a date for a post-pandemic resumption of UK SpikeTrade members meetings. The date is Saturday 17 September from 2 PM till 6 PM at a conference meeting room in Central London.
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[ This post comes from Grant C – one of our longest-term Spiker a prolific contributor to this blog. Glad to see this post after a pause – AE ]Lately, my trading time has been severely limited, and I’ve been using a strategy that needs little attention and almost no work.
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After the historically longest period [in our 6-year database] spent in extreme fear readings, FGIC returned to its neutral zone, adding the latest in to a numerous series of bullish signals.
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